Quote:
Originally Posted by C40_guy
Wait, you're *required* to submit quarterly payments, on top of your W2 withholdings?
Seems like double jeopardy to me.
I always assumed that the quarterly payments were, um, optional. If you underwithheld, or underpaid quarterly, you might owe a penalty on top of the total due...but I never heard that quarterly was mandatory...
ICBW.
|
You don't HAVE to, but if you want to avoid late fees, you might WANT to.
In a similar boat. Haven't nailed down retirement taxes and what is being paid vs what isn't. Last year, got slammed by the state but refund from the Fed, so I started quarterly+what was previously being taken. Helped a lot of the state, but I didn't bother with the Fed because of the refund. Bad move. I'll be paying that quarterly, too.
I'm not getting taxed twice, just not enough the first time